Description

• Title:
  An impact of the first and second-largest shareholders on a catering effect: evidence from Poland
• Creator:
  Pieloch-Babiarz, Aleksandra
• Description:
  Motivation: Dividend pay-out is a frequently undertaken research issue. However, there is no study on the impact of concentrated ownership on adjustment of dividend amount to investor sentiment for pay-outs. The paper contribute to the literature by filling the research gap regarding the catering effect in the context of principal-principal agency conflict and type II agency costs, monitoring hypothesis and expropriation hypothesis. Aim: The aim of the article is to investigate an impact of the first and second-largest shareholders on an adjustment of dividend pay-outs to investor sentiment for dividends. To achieve the aim, two hypotheses have been formulated, i.e. H1: if the first-largest shareholder is a strategic investor, a catering effect weakens; H2: an existence of significant second-largest shareholder moderates the extent to which companies cater to investor sentiment for dividends. Results: There are three main finding: 1) the number of shares held by the first-largest shareholder is lower in dividend payers, while the number of shares held by the second-largest shareholder is lower in dividend non-payers; 2) listed companies from electromechanical industry sector cater to investor sentiment for dividends; 3) both research hypotheses have not been satisfied.
• Object availability:
  free access
• Rights: https://creativecommons.org/licenses/by-nd/4.0 ;
  Prawa autorskie (c) 2021 Aleksandra Pieloch-Babiarz
• Date:
  2021.06.30
• Type:
  info:eu-repo/semantics/article;
  info:eu-repo/semantics/publishedVersion
• Language:
  English
• Source:
  Ekonomia i Prawo. Economics and Law; Vol. 20 No. 2 (2021); 353-366;
  Ekonomia i Prawo. Economics and Law; Tom 20 Nr 2 (2021); 353-366;
  2392-1625;
  1898-2255
• Format:
  application/pdf
• Publisher:
  Uniwersytet Mikołaja Kopernika w Toruniu
• Relation: https://apcz.umk.pl/EiP/article/view/35838/30146
• Subject:
  dividend pay-out;
  catering theory of dividends;
  catering effect;
  agency theory;
  ownership concentration;
  G35;
  G41;
  M21
• Identifier: https://apcz.umk.pl/EiP/article/view/35838
• Data provider:
  Akademicka Platforma Czasopism
• Can I use it?:
  seek permission
• Type:
  text